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Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control ...
Strategy (from Greek στρατηγία stratēgia, "art of troop leader; office of general, command, generalship" [1]) is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. [2] In the sense of the " art of the general", which included several subsets of skills including military tactics ...
Strategic planning is an organization 's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains ...
Strategy. Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. There are three/four generic strategies, either lower cost, differentiated, or focus. A company chooses to pursue one of two types of competitive advantage, either via lower costs than its competition or by differentiating ...
Strategic thinking is a mental or thinking process applied by an individual in the context of achieving a goal or set of goals. As a cognitive activity, it produces thought. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities ...
Strategy. SWOT analysis (or SWOT matrix) is a strategic planning and strategic management technique used to help a person or organization identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It is sometimes called situational assessment or situational analysis. [1]
The strategy role exists in a variety of organizations and fields of study. In large corporations, strategic planners or corporate financial planning and analysis (FP&A) personnel are involved in the formulation and implementation of the organization's strategy. The strategy is typically set by business leaders such as the chief ex
Miles and Snow identify three types of competitive strategies, those adopted by defender, analyzer and prospector types of organization, and a fourth, non-strategic type of organization, whose competitive behaviour is reactive to the perceived environmental conditions within which it operates. [2] For convenience the reactor type of approach is ...